Two Good Class Bungalows (GCBs) located at Margoliouth Road and Sixth Avenue have been sold at a Colliers International auction for a total of $25.6 million, increasing the total sales of properties sold at auction to approximately $54.1 million this quarter.
With three more auctions to go before the end of the month, the final figure for properties sold at auction in Q3 could be higher, with figures already exceeding the $45.3 million and $41.7 million auction sales done in Q1 and Q2 respectively.
According to Colliers International Research, from July 1 to September 27, 11 properties have been sold at auction, compared with 23 each during Q1 and Q2.
“There were more apartments and residential properties in general being sold at auctions this time last year,” said Grace Ng, deputy managing director at Colliers International.
About 57 properties were sold on the auction block totaling $141.1 million, compared with 118 properties sold at about $168.4 million for the whole of 2009.
The two GCBs that Colliers auctioned last week were among the properties that were sold recently.
The bungalows are located at 4 Margoliouth Road and 53 Sixth Avenue.
Bidding for the Sixth Avenue property opened at $11.5 million and it was sold for approximately $12 million, which amounted to approximately $1,145 psf.
The bungalow located at Margoliouth Road, on the other hand, is located within the Good Class Bungalow Area in White House Park. It received a total of 14 bids, with the opening bid starting at $10.5 million. It was sold for about $13.6 million or $1,304 psf.
The two GCBs are said to be 20 to 30 years old, although the interiors have been renovated.
According to market observers, it is not typical to obtain sales of GCBs during auctions these days, as such properties are being put up for sale by owners, who commonly have higher price expectations.
“Because these are trustee sales, the seller’s price expectation would be pegged to market prices, which are a reflection of current valuations, unlike owner sales where it’s common to have asking prices of about 20 per cent above valuation,” said Ms. Ng, who also conducted the auction last week.